Faculty Benefits Committee Meeting
Minutes, February 11, 2003
3:00 – 4:30
The following committee members were present: Michael Chang, Chuck Donbaugh, Michael Elliott, Blair Funderburk, Marc Goetschalckx, John Grovenstein, and Berry Sharp (for Jim Higgins). Jim Rolen presented information concerning the Classified Employees Compensation Survey.
The survey is being conducted, but is not yet complete. Human Resources is also conducting an equity study of classified employees. The study will look for differences between minority and non-minority and between men and women employees. The study is being conducted in-house.
Based on the input from the Benefits Committee, the conditions of the life insurance contract were renegotiated with MetLife. The renegotiated offering includes the following characteristics:
§ anyone currently on Relia-Star (approximately 3 to 4% of Georgia Tech employees) can switch without evidence of insurability. In addition, they can keep their Relia-Star insurance by rolling it over to an individual policy.
§ rates have been differentiated between smokers and non-smokers
§ costs have been negotiated down
§ the requirement that 25% of employees enroll has been reduced to 10%
§ any new hire (and all employees during this first open enrollment) can purchase up to the lesser of three times their salary or $250,000 on guaranteed issue.
§ employees can purchase up to $100,000 in insurance for their spouses, based on a simplified medical questionnaire
§ the life insurance is portable if an employee leaves Tech, which the BOR policy is not
§ other advantages of the policy over direct purchase of life insurance include the convenience of paying premiums through payroll deduction, employer advocacy if the company does not follow through, and the ability to purchase amounts under $100,000, which is often difficult for individuals.
§ the policy will be more expensive for people who qualify for preferred select (15% of adults, who are in excellent health themselves and come from families with no significant health problems) or preferred (25% of adults); comparable to those who qualify for standard coverage (40%) and cheaper for those who are considered to have sub-standard health (20%).
§ the program will be rolled out in April, before the scheduled loss of Relia-Star
§ employees will be able to sign up during regular enrollment periods, but are not guaranteed insurable.
The Benefits Committee voted unanimously in support of the program.